40 Facts About Jim Ratcliffe

Early Life and Education

Jim Ratcliffe's journey from a council estate to becoming a billionaire is nothing short of remarkable. Let's dive into his early years and educational background.

1. Jim Ratcliffe was born on October 18, 1952, in Failsworth, Lancashire. His father worked as a joiner and later ran a factory, while his mother worked in an accounts office. The family lived in a council house until Ratcliffe was 10 years old.

2. He attended Beverley Grammar School. This school laid the foundation for his future academic and professional achievements.

3. Ratcliffe studied chemical engineering at the University of Birmingham. He graduated in 1974 with a 2:1 degree, setting the stage for his future career in the chemical industry.

4. His first job was at BP, but he was fired after just three days. He had eczema, a condition that made him unfit to work around toxic chemicals.

5. He then took a position as a trainee accountant at a pharmaceuticals company. This job marked the beginning of his diverse career path.

Career Beginnings and INEOS

Jim Ratcliffe's career took several turns before he founded INEOS, the company that would make him a billionaire.

6. Ratcliffe joined oil giant Esso, which funded his MBA at the London Business School. This education significantly contributed to his future business acumen.

7. He worked for Courtaulds, a fabric and chemicals producer, until his mid-thirties. This experience laid the groundwork for his future roles in the chemical industry.

8. In 1989, Ratcliffe joined US private equity group Advent International. Here, he learned the art of deal-making, a crucial skill for his future ventures.

9. Ratcliffe founded INEOS in 1998. His big break came in 1992 when his firm was on the cusp of buying out a BP chemicals business for £40 million.

10. Between 1998 and 2008, INEOS acquired 22 companies. This aggressive expansion strategy helped INEOS become a major player in the global chemical industry.

Wealth and Tax Residency

Jim Ratcliffe's financial success and his tax residency have been subjects of much discussion.

11. As of May 2023, Ratcliffe's net worth was estimated at £29.688 billion. This made him the second wealthiest figure in the UK.

12. In September 2020, Ratcliffe changed his tax residence from Hampshire to Monaco. This move was estimated to save him £4 billion in tax.

Business Ventures and Controversies

Ratcliffe's business ventures extend beyond INEOS, and some have sparked controversy.

13. He has invested £1 billion in the UK oil and chemical industries. This includes an overhaul of the Forties pipeline system.

14. Ratcliffe is a vocal supporter of fracking in the UK. However, his efforts have faced significant opposition due to environmental concerns.

15. He criticized government rules that suspend fracking operations following minor tremors. Ratcliffe called these regulations "pathetic."

Philanthropy and Sporting Interests

Jim Ratcliffe is not just a businessman; he is also a philanthropist and sports enthusiast.

16. Ratcliffe donated £25 million to the London Business School. This donation reflects his commitment to education.

17. He supports various charitable initiatives, including the Go Run for Fun charity. This charity encourages children to get active through celebrity-led events.

18. In 2013, Ratcliffe completed the Marathon Des Sables across the Sahara Desert. This shows his love for extreme sports.

19. He founded the INEOS 1:59 Challenge, where Eliud Kipchoge ran a marathon under two hours. This event was a significant milestone in sports history.

Football and Sailing Ventures

Ratcliffe's love for sports extends to football and sailing.

20. In 2017, he purchased the Swiss Super League club FC Lausanne-Sport. This marked his entry into the world of football club ownership.

21. He later bought OGC Nice in France. This acquisition expanded his influence in European football.

22. In 2018, he formed Ineos Britannia to compete in the America’s Cup. This venture aimed to end 173 years of British sailing dominance.

Personal Life and Adventures

Jim Ratcliffe's personal life is as adventurous as his business career.

23. He has climbed Mont Blanc at the age of 43. His adventurous spirit is evident in his love for extreme sports.

24. Ratcliffe trekked across the North and South Poles. These expeditions highlight his love for challenging environments.

25. He broke three bones in his foot during a motorcycle trip across Africa for his 60th birthday. Despite this, he remains undeterred in his adventurous pursuits.

26. Ratcliffe participated in an Ironman triathlon at the age of 64. His commitment to physical fitness is impressive.

27. He has broken nine bones in total during his adventures. These injuries reflect his willingness to push his physical limits.

Leadership Style and Business Ethics

Ratcliffe's leadership style and business ethics have been both praised and criticized.

28. Ratcliffe is known for his intense and demanding leadership style. He has been involved in several high-profile industrial disputes.

29. He earned a reputation for being aggressive in negotiations, particularly with unions. The 2008 Grangemouth strike highlighted his tough stance in labor disputes.

30. Ratcliffe is an outspoken supporter of Brexit. He believes the UK can thrive as an independent nation without EU regulations.

31. Despite his support for Brexit, Ratcliffe has faced criticism for INEOS’s environmental record. The company has been accused of causing air and water pollution.

Real Estate and Philanthropic Foundations

Ratcliffe's wealth has allowed him to indulge in various real estate ventures and philanthropic activities.

32. He owns a London pub and has invested in properties in Iceland. These investments reflect his eclectic mix of business and personal interests.

33. Ratcliffe established the Jim Ratcliffe Foundation. This foundation helped build a new ski clubhouse in Courchevel for underprivileged children.

34. The Charity Commission for England and Wales opened an investigation into his foundation. The investigation concerns regulatory compliance.

Business Expansion and Community Involvement

Under Ratcliffe’s leadership, INEOS has expanded significantly, and he remains involved in community activities.

35. INEOS now operates 194 sites across 29 countries. The company generates around £52.6 billion in annual revenues.

36. Ratcliffe supports local charities and encourages children to get active through his Go Run for Fun initiative. This reflects his commitment to giving back to society.

Personal Interests and Reflections

Jim Ratcliffe's personal interests are diverse, and his life is a testament to his entrepreneurial spirit.

37. He enjoys sports, automobiles, fishing, and drinking. His hobbies reflect his dynamic personality.

38. Ratcliffe’s business strategy centers around strategic acquisitions and cost-cutting measures. This approach has transformed INEOS into a global chemical giant.

39. He has made significant philanthropic donations throughout his career. His £25 million donation to the London Business School is a notable example.

40. Ratcliffe’s life is a rags-to-riches story that continues to inspire and fascinate. From his humble beginnings to his current status as one of the wealthiest individuals in the UK, his journey is remarkable.

Jim Ratcliffe: A Life of Adventure and Business

Jim Ratcliffe's journey from a council house in Lancashire to becoming one of the UK's wealthiest individuals is nothing short of remarkable. His entrepreneurial spirit, evident in the founding and expansion of INEOS, has made a significant impact on the global chemical industry. Beyond business, Ratcliffe's love for adventure and sports, from ultramarathons to owning football clubs, showcases his dynamic personality. Despite facing criticism for environmental and labor practices, his philanthropic efforts and community involvement highlight a commitment to giving back. At 71, Ratcliffe continues to push boundaries, both in business and personal endeavors. His story is a testament to the power of ambition, resilience, and a relentless pursuit of new challenges. Whether scaling mountains or navigating complex business deals, Ratcliffe's legacy is one of determination and impact.